Bitcoin has seen an unprecedented rise over just a decade in terms of price appreciation, leaving many crypto-investors, old and new, with a demoralizing belief that they are too late.
Unfortunately, this often keeps investors away from what is still considered a highly undervalued asset by many. After all, one Bitcoin (BTC) at the time of writing this article is worth over $30K – who could afford that?!
Not exactly the kind of money most investors have at their disposal, right? It is likely at this point that most potential investors become too discouraged to continue. After all, they missed the BTC boat, didn’t they?
Well, not exactly – continue reading below to find out why!
Understanding Bitcoin’s 8 Decimal Places
By now, most people are aware that cryptocurrencies predominately exist in the digital world.
However, many fail to realize this digital existence offers a unique advantage where cryptocurrencies can be divided into smaller units, just as the British pound is divisible into pence and the United States dollar into cents. In the case of BTC, the smallest unit available is the satoshi.
It is crucial to know that one BTC is divisible down to 8 decimal places – the smallest denomination is what’s known as a satoshi, or sat for short, in homage to the pseudonymous creator of the BTC protocol, Satoshi Nakomoto.
When counting the value in sats, one BTC is the equivalent of 100,000,000 (100 million) satoshis. Allowing the fractionalization of BTC down to 8 decimal points ensures everybody can be afforded access to BTC without having to buy a whole one!
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